Tahoe Real Estate, Homes Sold, June 2012

Tahoe Real Estate, Homes Sold, June 2012

The greater Lake Tahoe – Truckee region is known for its amazing outdoor lifestyle, quality of life, small town living, and raw beauty.

In the Tahoe real estate market you’ll find tiny, old Tahoe cabins that are nearly 100 years old, along with multi-million dollar luxury lakefront estates, ski-in ski-out luxury mountain homes, lake view and mountain view estates that define the ultimate in mountain luxury living. You’ll also find bank foreclosures, fixers, and wonderful mountain homes.

Tahoe Homes for Sale:

The Tahoe – Truckee region covers a large area. This report is made up of many communities including all of the Tahoe City area, Carnelian Bay, Tahoe Vista, Kings Beach, Homewood, Tahoma, North Lake Tahoe, West Lake Tahoe, Alpine Meadows, Olympic Valley, Northstar, Truckee, Glenshire, Tahoe Donner, Soda Springs, the Truckee River corridor, Tahoe Donner Summit area, and the outlying areas that surround the Truckee, California area.

Tahoe Real Estate Sold Single Family Homes:

In the Tahoe – Truckee, California, lakefronts, mountain homes, and cabin prices averaged $400,000, which is a price decrease of 5.99% from 2011. We would expect the average median sales price for the rest of the year to move higher as new home listings replaces older listings that have sold, which have been distressed sales. Since the market peak in 2006, the average median home sales price in the Tahoe – Truckee market dropped -41%.

There were 385 single family homes sold for the first 5 months in 2012. Of those sales, 11 were lakefronts ranging in sold price from $400,000 to $11 million. Lakefront sales included Glenshire Pond, Donner Lake, and Lake Tahoe. Tahoe – Truckee luxury lakefront sales were 3% of the market. Homes sold up to $499,999 represented 68% of the market, or approximately 2 out of every 3 homes sold.

Cash sale transactions for Tahoe – Truckee area dropped slightly to 32%, which is approximately 1 out of every 3 homes sold.

The current absorption rate for Tahoe – Truckee area as of 06/10/2012 is at 8.65 months. Anything above 7 months of inventory is considered a Buyers’ market, 5-7 months is a balanced market, and below 5 months is a sellers’ market. If the inventory levels continue to drop, the Tahoe – Truckee market will become a balanced market.

There were 157 distressed sales (bank foreclosures- real estate owned (REO’s), short sales, and court approval sales), or 41% of the market was a distressed sale for the first five months of 2012. As of 06/01/2012 only 13% of the active homes available for sale were distressed sellers, which is a significant improvement, and may be signaling a fundamental change in market conditions.

There were 701 Active – available houses, cabins, and lakefronts for sale in the Tahoe-Truckee region as of 06/10/2012. Houses, cabins, and lakefront properties ranged in price from $39,900 to $20 million. Of the 701 houses offered for sale there were 17 REO listings, 75 Short Sales listings, and 2 Court Approval listing, which now only represents 13% of the market as distressed sellers, which is a 28% improvement over the 2012 YTD distressed seller rate of 41%. There were 140 pending sales in the Tahoe – Truckee region ranging in listed price from $43,000 to $3,149,000 as of 06/10/2012.

Given the tight housing inventory situation for the Tahoe-Truckee region, and the significant reduction in distressed sellers, the next step for the Tahoe – Truckee market will be price stabilization and price improvement.

Tahoe Real Estate Sold Homes Summary:

Year	Homes Sold	Median Average Sales Price	Lowest Price Sold	Highest Price Sold	% Cash Transactions	Absorption Rate < 5 months Sellers Mkt 5-7 months balanced Mkt >7 months Buyer’s Mkt	% Distressed Sales	Breakdown of Distressed Sales
2012*	385	$400,000	$47,500	$11,000,000	32%	8.65 Months Buyers’ Market	41%	80 REO’s 74 Short Sales 3 Trustee Sales
2011	964	$425,500	$9,900	$6,450,00	35%	NA	32%	3 Court Approval 167 REO’s 142 Short Sales
2010	866	$461,074	$37,000	$12,400,000	31%	NA	30%	5 Court Approval 151 REO’s 108 Short Sale
2009	792	$510,000	$33,000	$6,288,000	29%	NA	20%	2 Court Approval 128 REO’s 87 Short Sales
2008	665	$590,000	$40,000	$20,000,000	21%	NA	0%	8 REO’s 0 Short Sales
2007	715	$645,000	$145,400	$12,400,000	17%	NA	0%	0 REO’s 0 Short Sales
2006	807	$680,000	$107,500	$16,700,000	15%	NA	0%	0 REO’s 0 Short Sales

*YTD period is 01/01/2012 – 05/31/2012. Absorption rate as of 06/10/2012. Data Source: Tahoe Sierra Multiple Listing Service (TSMLS) and is subject to change and/or correction without notice.

Thinking about making Tahoe City, California your second home? Check out the homes that are for sale in Tahoe City here:

Want to see what condos are for sale in Tahoe City? Here are the current listings:

For all of your Tahoe real estate needs –

Laura A. Allen | 530.414.1260 | Laura@TahoeLaura.com
BROKER ASSOCIATE, Tahoe Real Estate Agent
CalRE# 01473598
Coldwell Banker, Tahoe City, CA CalRE#01908304

All information is deemed reliable, but is subject to change, and/or correction without notice.

Tahoe Real Estate, Homes Sold June 2012